Reuters and Jefferies Announce Significant Update to CRB Index; 50-Yea

    Business Editors

    NEW YORK--(BUSINESS WIRE)--May 10, 2005--Reuters (LSE: RTR, Nasdaq: RTRSY), the global information company, and Jefferies Financial Products, LLC, a leading provider of commodity-related products for institutional investors and a subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced a strategic alliance to revise the Reuters CRB Index, to be renamed the Reuters/Jefferies CRB Index ("RJ/CRB").
    The CRB Index is a leading global benchmark for commodity price movements. The Index is constructed of commodity futures contracts from the energy, industrial metals, precious metals, grains, livestock and soft sectors and offers diversified exposure to the commodity markets.
    Since its launch in 1957, the CRB Index has undergone periodic revisions to maintain an accurate representation of the performance of commodities as an asset class. Effective June 20, 2005, the Index will undergo its tenth revision, amending its components to include three additional commodities (unleaded gasoline, aluminum and nickel) and remove one commodity (platinum). Component weightings will now take into account the relative significance and liquidity of the various commodities markets. In addition, the Index will rebalance its component weightings monthly and will derive its value from nearby futures prices.
    "We are excited to work with Reuters and contribute our experience to this important project," said Adam De Chiara, Co-President, Jefferies Financial Products, LLC. "As with previous revisions to the CRB Index, these changes to the components and methodology will further the underlying goal of accurately reflecting broad trends in the commodity markets."
    "For almost 50 years, the Index has served as a leading global benchmark for commodities," said Tom Gros, Global head of Equities, Commodities & Energy at Reuters. "We believe the Reuters strategic relationship with Jefferies and these adjustments will enable the Reuters/Jefferies CRB Index to continue as a widely followed barometer for the commodity markets."
    Futures contracts linked to the Reuters/Jefferies CRB Index will be traded on the New York Board of Trade(R) (NYBOT(R)) beginning July 11th.

    About Reuters

    Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Its trusted information drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 14,500 staff in 91 countries. This includes 2,300 editorial staff in 196 bureaux serving 129 countries, making Reuters the world's largest international multimedia news agency. In 2004, Reuters Group revenues were GBP 2.9 billion. Reuters and the sphere logo are the trademarks of the Reuters group of companies.

    About NYBOT

    The New York Board of Trade (NYBOT) is New York's original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice, pulp and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.

    About Jefferies

    Jefferies Financial Products, LLC ("JFP"), a wholly owned subsidiary of Jefferies Group, Inc., is dedicated to providing institutional investors with exposure to commodities as an asset class. JFP is a leading provider of liquidity in swaps, options, exchange-traded commodity index contracts and other customized products linked to commodities.
    Jefferies (www.jefferies.com), a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for over 40 years. Headquartered in New York, with more than 20 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF).

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CONTACT: Reuters Media Relations Yasmeen Khan, ++ 44-207-542-0496 yasmeen.khan@reuters.com or Jefferies & Company, Inc. Tom Tarrant, 203-708-5989 ttarrant@jefferies.com

KEYWORD: NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: BANKING ENERGY MARKETING AGREEMENTS SOURCE: Jefferies & Company, Inc.

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